The Balance Sheet of Lynne and Geoff Enterprise at September 30 includes the following: Cash $60,000 debit Accounts Receivable $202,600 debit Inventory $18,000 debit Allowance for Bad Debts $4,400 credit Bank Loan $60,000 credit Lynne and Geoff have taken business diplomas at SLC and recognizes the importance of maintaining a minimum cash balance. As VP of Finance and Controller, respectively, they have designated $50,000 as the enterprise minimum cash balance. The following information is also available: a. October and November sales are expected to be $560,000 and $672,000 respectively. All sales are credit sales. b. accounts receivable are collected 45% in the month of the sale, 54% in the month following the sale, and 1% is uncollected. c. cost of goods sold approximates 50% of sales revenue d. ending inventory is desired to be 10% of month budgeted cost of goods sold. e. all accounts payable are for inventory and are paid in the month of purchase. f. borrowing and investments can only be made in $5,000 amounts. Interest will be paid at the rate of 10% per year, interest will be earned at the rate of 8% per year. g. other monthly expenses are $75,600, which includes $5,600 of depreciation, and suppliers are paid in month of expense. h. bad debt expense is not included. i. the allowance for bad debts at September 30 accurately reflects the amount of accounts receivable that will not be collected in October. j. Interest can be ignored on the bank loan. Prepare the cash budget for October, taking into consideration any financing or investing. Fill in the cash budget template below: Cash balance beginning $60,000 October collections Total cash available Disbursements: Merchandise Purchase Other expenses Total disbursements Excess Cash (a) Minus Minimum cash balance desired Cash available Repayments/investments (b) Ending cash balance (a+b) 50,200

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